LONDON, Oct 16 (Reuters) - Trade wars, higher globalinterest rates, dwindling capital inflows and variouscountry-specific problems have made emerging markets morevulnerable than any time in the last three years, Deutsche Bankwarned on Tuesday.

A new report from the German bank said the number of highlyvulnerable countries also now exceeded those with lowvulnerability for the first time since July 2014.

"Country-wise, Venezuela continues to suffer the moststress, followed by Philippines and Turkey," the report said."Russia and Mexico are least vulnerable and also feature as themost improved economies in a year."

Deutsche added, that Venezuela's strains were so extremethat it had not included it in its overall monitoring gauge.

(Reporting by Marc Jones; editing by Karin Strohecker) ((marc.jones@thomsonreuters.com; +44 (0)207 542 9033; ReutersMessaging: marc.jones.thomsonreuters.com@reuters.net Twitter@marcjonesrtrs))